MYOB partners with Sypht to enhance OCR capability

Business technology solutions company MYOB has inked a partnership with BPAY Group and BCG Digital Ventures-owned SaaS data company Sypht, to further harness machine learning in document and data extraction. The integration of Sypht will enable MYOB to enhance the quick and accurate extraction of key information from receipts and bills for upload straight to the MYOB platform.

Dale Dixon, MYOB’s Head of Product for small business, said the partnership will see MYOB continue in its ambition to use technologies like optical character recognition (OCR) to simplify business for its customers.

“This technology lets our system continually learn how to extract key information from bills and receipts, which in turn continues to improve accuracy and allows for further automation of transaction entry. We are always striving for ways to save small business owners time to let them do what they do best: run their business. That’s why we continue to explore optimum ways to achieve this.”

Sypht CEO, Mr Warren Billington, said MYOB would leverage Sypht’s proprietary SaaS platform that uses machine learning and natural language processing to offer fast and human-level accuracy to digitise its customer’s invoices and receipts.

“There is a strong focus for a lot of enterprises around understanding their digital transformation journeys and documentation is still a major impediment to that transformation. Manual processing of documentation is time consuming and in addition to the cost impact, it is prone to error and delivers a poor customer experience” said Mr Billington.

The partnership coincides with the launch of MYOB Capture App, an application which harnesses OCR technology to “read” receipts, data match and pre-populate information in MYOB Essentials software.

MYOB’s Capture app is available from Apple and Android stores across Australia and New Zealand now.